“However, controlled expenses and higher volumes helped to mitigate the impact on the group’s performance.”

Operating profit rose 7.3 per cent from 60 million rand in the 2012 period to 64 million rand in 2013, profit before taxation was up 7.8 per cent from 59 million rand to 64 million rand and headline earnings increased to 46 million rand in 2013 from 43 million rand in 2012.

Earnings per share increased by 6.7 per cent from 135.6 cents in 2012 to 144.7 cents in 2013 and diluted headline earnings per share were up 7.1 per cent from 132.5 cents to 141.9 cents.

“Transpaco utilised 7.9 million rand in cash from operating activities. A combination of higher inventory and trade debtors due to increased sales, and early payment to trade creditors for discount purposes resulted in this change. The latter also reduced the cash balance at 31 December 2013 to 17.2 million rand compared to the previous year-end 65.3 million rand,” it said.

“The group will continue its proven business strategy, targeting organic growth while maintaining strict financial control and at the same time identifying and pursuing appropriate acquisitions.”